Property Tax 2023

[Teacher Terry]

Nevada is the land of cheap property taxes. It’s a combination of the age of the house and value. For instance on my 44 year old condo worth 250k I pay 400/year.

 

[W2R]

Property tax is cut in half for those over 65 with a annual household income under ~$34k (limit increases annually)

We can have our assessment frozen if over 65 with about the same income. I actually qualified for that one year! But not any more.

 

[ncbill]

We can have our assessment frozen if over 65 with about the same income. I actually qualified for that one year! But not any more.

I think the way to go here in my state is to own a farm.

A friend did that when his kids were young so they had over 50 acres of meadow, forest, creeks, hills to play on.

Generating some modest amount of revenue, not profit (~$1k/year, IIRC) from 'farm sales' allows him to defer property taxes on everything except the farmhouse & the land it occupies...no taxes on barns, equipment, etc.

He's moved out-of-state, but some of the kids still live there.

 

[pb4uski]

2022 property tax on our Florida condo is less than 1% over 2021. For our Vermont summer home, a hair over 1% for 2022 compared to 2021.

 

[ExPatKiwi]

Property Tax in CT is outrageous. In my town the mill rate is 30.89 per thousand (3.09%).

So I'm paying $9,050 on a $293k assessed value home, plus add on the property tax for vehicles and it's over $10k/yr Tax credit is limited to $200 for low-income residents, so no credit.

 

[Tom52]

We are in Florida, assessed value last year was $365,710 with tax bill of $4,325.46. We just paid the latest tax bill this month, the assessed value went up to $376,680 and the tax bill paid was $4,014.86.

Difference is that both the county millage rate and the county school board millage rates were slightly reduced.

 

[VanWinkle]

Property Tax in CT is outrageous. In my town the mill rate is 30.89 per thousand (3.09%).

So I'm paying $9,050 on a $293k assessed value home, plus add on the property tax for vehicles and it's over $10k/yr Tax credit is limited to $200 for low-income residents, so no credit.

You must really like it there!!

 

[aja8888]

Property Tax in CT is outrageous. In my town the mill rate is 30.89 per thousand (3.09%).

So I'm paying $9,050 on a $293k assessed value home, plus add on the property tax for vehicles and it's over $10k/yr Tax credit is limited to $200 for low-income residents, so no credit.

I just love it when people keep pounding on me about our "high" Texas property taxes when ours are between 1.5 % - 2% per thousand and we have NO STATE INCOME TAX.

I lived in CT when property taxes were low and the state had no income tax. Remember those days (1980's), CT residents?

 

[ExPatKiwi]

You must really like it there!!

Wife and kids have anchored us here. But the funny thing is the number of MA residents moving to CT to retire and save on taxes.

 

[wolf]

Thanks to a hot local RE market, my appraised value just increased 37% from 2022 to 2023. My property tax for 2022 was $6,461 and I'm a little nervous as to what 2023 bill will be. I may have to fight this one on principle.

Many, many, many, here's ago. California property owners had same problem.
"Howard Jarvis, Proposition 13" was passed. Limited yearly property tax increase to 2%. (based on original cost).

Recently, greedy politicians, passed, prop. 19. Which took away some of the benefits of prop. 13. But that is another story.

 

[nap470]

We haven't received our 2023 tax assessment yet, but typically it increases about $200-$500 per year in Illinois. This past year we paid $9,806 on an assessed value of $147,590. So, either this coming year or the next we should pass the $10K mark on property taxes. Ridiculous.

 

[Unpaintedhuffhines]

It's brutal in Texas (more specifically, Austin, Texas). Home value went up about 25%, rates went up too. They do cap the yearly increase, but new values guarantee future increases. My understanding is we are one of the lucky few states that allow us to protest property taxes, so we use a company to do that for us every year. While it has no doubt saved us thousands, property tax is still crazy high: 10 years ago, we paid about $5K/year, and this year it will be north of $12K.

 

[jeffmete]

Florida is great - tax out-of-staters just enough to complain, but not enough to bail, while keeping taxes low for residents.

Ha, my Florida property taxes are up 11%. I’d complain, but won’t do any good!

 

[W2R]

It's brutal in Texas (more specifically, Austin, Texas). Home value went up about 25%, rates went up too. They do cap the yearly increase, but new values guarantee future increases. My understanding is we are one of the lucky few states that allow us to protest property taxes, so we use a company to do that for us every year. While it has no doubt saved us thousands, property tax is still crazy high: 10 years ago, we paid about $5K/year, and this year it will be north of $12K.

I remember those Texas property/school taxes, from back when I lived there! You're right, they're truly brutal. Especially in College Station, where I lived from 1984-1996, and where the best (and probably most expensive!) public schools in that part of Texas were located.

My unsolicited advice? Just keep repeating to yourself that it's OK, you don't have to pay state income taxes. That helps at least a little bit.

 

[RetiredHappy]

In Nevada, 23-year old home costing about a million, property tax is $4,200.

 

[Gumby]

Property Tax in CT is outrageous. In my town the mill rate is 30.89 per thousand (3.09%).

So I'm paying $9,050 on a $293k assessed value home, plus add on the property tax for vehicles and it's over $10k/yr Tax credit is limited to $200 for low-income residents, so no credit.

You must really like it there!!

I also live in Connecticut, and I think it is worth every dollar I pay in taxes. (Currently $13,428 for the house and $1000 for the 3 cars; marginal income tax rate for us is 5.5%).

Some clarifying detail:

1. Property tax is based on assessed value, which is 70% of market value.

2. The mill rate varies by town (there are 169 of them), so you can choose to live in one of the towns with fewer services (e.g. - no paid fire department, no police) and, hence, a lower mill rate.

4. You can control the car taxes by not buying new, expensive ones (and living in a town with a lower mill rate).

 

[daylatedollarshort]

Our property taxes are about .3% of market value due to Prop 13.

 

[karen1972]

NC - Property tax up 23% and not even complaining.

New construction YE 2018, they have been playing catch up, I expect one more big jump as we are still paying $500 less than identical units built in 2019 and 2020.

10 years ago this area was all large farms, no real infrastructure. The city is doing a good job of making the builders pay for a lot of the infrastructure. All of the approvals come usually with something
- Build a pumping station
- provide land and build a city park
- Pay for turn lanes and traffic lights
- Pay for the new Fire station

Plus the extra they have to pay in for low income housing and school improvement

At least I see where the tax dollars are going in our community.

 

[sengsational]

My understanding is we are one of the lucky few states that allow us to protest property taxes, so we use a company to do that for us every year.

I guess this company challenges the valuation? How did you find the outfit that helps you do that? I need to do that, I think, because my valuation is out of whack with respect to similar homes in the neighborhood.

 

[Unpaintedhuffhines]

I guess this company challenges the valuation? How did you find the outfit that helps you do that? I need to do that, I think, because my valuation is out of whack with respect to similar homes in the neighborhood.

We use ProTax (no affiliation or interest in them other than as a customer).

They automatically protest the valuation of our property. Virtually every year they get a reduction in the valuation, and for that, we pay them a % of our savings. We have them on retainer so they automatically protest every year. They use comps from the neighborhood and whatever other magic they bring to the table. Not sure how much it has saved us but it’s probably thousands.

 

[copyright1997reloaded]

Mine has gone up 7.7%, from $1,970 to $2,121.

The assessed value is the same so that must all be due to increases in millage.

This doesn't make me happy! On the other hand, we are satisfied with the services, maintenance, etc. that we get for our property tax dollar in this suburb. So, I shouldn't complain. The value per property tax dollar is much worse in the city, IMO.

What I would give for a tax bill of $2,121!

Upstate NY here, 2800 sq. ft. house, 2021 taxes were over $9800. No sewer, no water, no garbage pickup. Higher in 22 and likely will be higher again in 23.

To add to that, I have some land (45 acres about 25 minutes away), hilly, no house, that's another $2k/year.

To make up for that NY has low income taxes....ok, so that isn't true, as my average tax rate (not marginal) is somewhere between 5.5 and 6%. Well, at least we have low sales taxes...ok, so that isn't true.

The above is part of the reason I will be leaving w/i a year. Getting those numbers down a lot will go a long way.

 

[W2R]

What I would give for a tax bill of $2,121!

Upstate NY here, 2800 sq. ft. house, 2021 taxes were over $9800. No sewer, no water, no garbage pickup. Higher in 22 and likely will be higher again in 23.

To add to that, I have some land (45 acres about 25 minutes away), hilly, no house, that's another $2k/year.

To make up for that NY has low income taxes....ok, so that isn't true, as my average tax rate (not marginal) is somewhere between 5.5 and 6%. Well, at least we have low sales taxes...ok, so that isn't true.

The above is part of the reason I will be leaving w/i a year. Getting those numbers down a lot will go a long way.

That's awful! I sure don't blame you for thinking about moving to a community with lower taxes. Your home is almost twice the size of mine, but even so the property taxes you are paying would give me nightmares.

 

[1242Vintage]

Our property taxes are relatively low at $6k a year. The base is set at the year of purchase and annual increase are limited to 2% a year plus any local voter approved bonds.

We have lived in our home for 25 years and home values here, like almost everywhere else, have gone through the roof. My new neighbors are easily paying triple the property taxes that we do.

 

[aaronc879]

My new bill is up 11.5%. Ouch. It was already too high. Over $3K for house I would struggle to sell for $125K. That's almost 25% of my total spending for the year.

 

[Souschef]

In California, we have Prop 13. It was the voters' reaction to higher and higher tax bills which were taxing many on fixed income out of their long time homes.
I am embarrassed to tell you that my tax bill is about $500. This is because in my county we could carry forward our valuation to our new home.